What you need to know: • This morning, EDG announced that it has commenced its 2025 exploration program with drilling starting at the Imperial Zone. • EDG previously announced the 2025 exploration plans, however, provided additional detail in this release. Specifically, the Company plans to report an inaugural ‘open pit’ mineral resource this year. • The exploration program includes up to 7,000m of diamond drilling, amongst several other key initiatives. This morning, Endurance Gold Corp. (EDG:TSXV) announced it has commenced its 2025 7,000m diamond drill program at its 100% owned Reliance Gold Project. The program, notably starting well ahead of BC peers due to its location, will consist of diamond drilling as well as several other initiatives intended to expand the known mineralization, derive new drill targets, and prepare for EDG’s inaugural resource estimate. We are maintaining our BUY rating and target price of $0.50/share on EDG. The proposed 7,000m diamond drill program will focus on expanding the gold zones discovered along the Royal Shear and delineate infill drilling to be incorporated into a mineral resource estimate. Notably, the Company stated that within its 2025 goals that it plans to report an inaugural ‘open pit’ mineral resource. This comes as an exciting new catalyst, as up until now, EDG has not guided a deadline for the maiden resource. Highlights for 2025 Exploration Plans include: • Up to 7,000m of diamond drilling on the Royal Shear Trend. o Targeting extensions of 2024 discoveries at Lower Imperial and Lower Crown Zones. o Demonstrate continuity of near-surface mineralization. o Infill drilling to support the inaugural mineral resource estimate. • Reporting of inaugural ‘open pit’ mineral resource. • Complete representative metallurgical test work and flow-sheet design to maximize gold and antimony recoveries. • Geochemical surface sampling and prospecting for target derivation at the Enigma and Olympic areas. Expand drilling activity with a new drill permit. • Continuing geological, structural, mineralogical, and metallurgical studies. The 2025 drill program has commenced at the Imperial Zone with the initial holes designed to provide infill data along the Royal Shear contact while also testing the continuity of the Lower Imperial Zone, discovered in late 2024. Beyond the many exploration initiatives planned for this year, (more details below and in our research note here), the Company is completing metallurgical test work to support the completion of the resource estimate. This work includes optimizing for gold recovery while also completing work on alternatives for the production of an antimony-rich concentrate.